by Bill McBride on 12/01/2008 04:04:00 PM
Monday, December 01, 2008
I wonder if anyone in Treasury notices the correlation?
DOW off 690
NASDAQ off 137
S&P 500 off 80
From Bloomberg: Paulson Says Treasury May Use TARP Funds for Foreclosure Relief
U.S. Treasury Secretary Henry Paulson said his department is working to expand the availability of capital to businesses and consumers and may use funds from the $700 billion bank rescue plan to help homeowners.That first $350 billion sure burned a hole in Paulson's pocket!
“We are actively engaged in developing additional programs to strengthen our financial system so that lending flows into our economy,” Paulson said in the text of a speech in Washington. “We are continuing to examine potential foreclosure mitigation ideas that may be an appropriate use” of funds from the Troubled Asset Relief Program.
The Treasury has committed all except $20 billion of the first half of the TARP funds in injecting capital into banks, AIG and Fannie and Freddie.
Posted by Bill McBride on 12/01/2008 04:04:00 PM